Investors often assume the stock sectors that won before will keep winning. That's true, until it's not. Consider what would have happened last year. The top sector of the 10 tracked by S&P Capital IQ was Consumer Discretionary, which contains shares of companies that items consumers don't need to have, such as designer apparel.
Read MoreHere's why markets should look past negative GDP
The Consumer Discretionary sector jumped 41% in 2013. However, this year, that same sector is the absolute worst, losing 1.8 percent. Healthcare did well in 2013 and also 2014 so far. But industrials, winners of 2013, are lagging the market this year. And financials followed their strong 2013 run with a ho-hum start to 2014. Beneath the surface some prominent banks have fared much worse. Shares of Citigroup are down 9 percent this year.
Here's the ironic part. The utilities sector was the worst in 2013. Investors were terrified stocks largely owned for their relatively high dividend yields, like utilities, would suffer if interest rates rose. Well, rates didn't rise, they fell. Utilities therefore are the best performing this year, gaining 11.8 percent.